Boomerang Homebuyers Poised To Return To Market

Dated: 09/07/2015

Views: 1485

The article, Boomerang homebuyers poised to return to market with a roar, from www.msn.com, reports that seven years after the real estate bust, many who lost their homes have rebuilt their credit and are back in the market. Experts say these boomerang buyers will be an important segment of the real estate market in the coming years. About 700,000 of the 7.3 million homeowners who went through foreclosure or short sales during the bust have the potential to get a mortgage again this year, said Daren Blomquist, vice president of Realty Trac. That compares to the 3 million people overall who got a mortgage between October 2013 and September 2014. A recent increase in loans from the Federal Housing Authority also shows first time homebuyers and boomerang buyers are helping drive the market, Blomquist said. It generally takes seven years for a foreclosure to drop off a credit report. Short sales take less time, generally three or four years. In the coming years, though, as foreclosures continue to drop off credit reports, more people will get back in the market, analysts said. A Realty Trac report earlier this year predicts Phoenix and Miami will see the most boomerang buyers. The Tampa area is in the top 10 cities. In some markets, such as Las Vegas, as many as quarter of homes could be bought by boomerang buyers, Realty Trac predicts.  Here is the link to the entire article: http://www.msn.com/en-us/money/realestate/boomerang-homebuyers-poised-to-return-to-market-with-a-roar/ar-BBlUIQs?li=AA4Zjn

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